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FCA bans and fines former compliance director of Financial Limited and Investments Limited (the “financial group”) for systemic weaknesses in the design and execution of network financial group’s compliance systems and controls

In a Final Notice issued on 13 March 2015, the FCA fined Stephen Bell £33,800 (Stage 1: 30% discount) and prohibited him from performing the compliance oversight (CF10) function. The FCA concluded Mr Bell was responsible for compliance oversight generally and the FCA found that he was knowingly concerned in the FinancialGroup’s breaches of Principle 3. This follows the Final Notices issued on 23 July 2014 to Financial Limited and Investments Limited restricting their recruitment of ARs or RIs for the next 126 days (Stage 1: 30% discount).This reinforces the regulatory focus on the accountability of senior management in the operation of their regulated business.

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